What is bank? and explain its types of accounts
Answers
Answer:
Banks offer various types of accounts. Common examples include Savings, Current, Salary, and BSDA Accounts. You can also open Fixed and Recurring Deposit Accounts. Banks provide several facilities with almost all accounts, e.g., net banking, debit cards, etc.
Answer: A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Step-by-step explanation: The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account
Mainly bank accounts are useful for people to deposit and save their money. For depositing money in a bank account, the bank will pay interest to their customers.